Boom-to-bust Australian coal baron acquires Anglo American mine

SYDNEY Dec 29 (Reuters) - Former Australian coal baron
Nathan Tinkler has surfaced as a suitor for one of the first of
many businesses Anglo American is trying to offload as
commodity markets deteriorate.

Anglo American has agreed to sell its 83.33 percent interest
in the Dartbrook coal mine in the Australian state of Queensland
to Australian Pacific Coal Ltd. The mine has been
mothballed since 2006.

Tinkler, who rocketed up the rich list to become Australia's
youngest billionaire by riding the mining boom before losing it
all when coal prices collapsed, was appointed chief executive of
Pacific Coal on Nov.2.

The one-time electrician last year attempted a comeback in
mining but a deal to buy a mine from Peabody Energy fell
through when he failed to make a A$70 million closing payment.

In a statement, Tinkler said the low-sulphur type coal he
plans to unearth at the Dartbrook mine can be done cheaply and
fill growing demand for less polluting coal prized for blending
with coal of higher sulphur content to reduce greenhouse gases.

Under the deal, Australian Pacific Coal will acquire Anglo
American's interest for up to A$50 million ($36 million),
starting with an up-front cash payment of A$25 million.